首次向北向基金开放！这些筹码和疫苗股票已包含在沪港通互联规则中，并且已发生变化。

原始标题：首次向北向基金开放！这些筹码和疫苗股票已包含在沪港通中，许多互连规则已更改

概要

[Firstopeningtonorthboundfunds!ThesechipandvaccinestocksareincludedintheShanghai-HongKongStockConnectinterconnectionrulesTheShanghaiStockExchangesaidthatstartingfromFebruary1A-sharesci-techinnovationboardstocksbelongingtotheShanghaiStockExchange180ShanghaiStockExchange380IndexandA+HsharecompanieswillbeofficiallyincludedintheShanghaiStockExchangeThescopeofstocktradingstocks(ChinaSecuritiesJournal)

　　Shanghai-Shenzhen-Hong Kong Stock ConnectThe target ushered in expansion!

On the evening of January 22, the Shanghai and Shenzhen Stock Exchanges respectively revised the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect business implementation measures, which will be implemented on February 1. The main points of this revision are as follows:

1. The Shanghai Stock Exchange has clearly defined institutional expertise that meets the requirements of relevant Hong Kong rulesinvestmentCan passShanghai Stock ConnectparticipateScience and Technology Innovation BoardStock trading.

2. Since February 1, it belongs to the SSE 180 and SSE 380 indexesConstituent stocksAnd A+H sharesthe companyThe A-share sci-tech innovation board stocks of China are officially included in the scope of Shanghai Stock Connect; the H-shares of A+H-share companies listed on the Sci-tech Innovation Board and the H-shares of A+H-share companies listed on the Shenzhen Stock Exchange are officially includedSouthbound tradingStock range.

3. The A shares listed on the Shanghai and Shenzhen Stock Exchanges are risk-warning stocks (ST shares and *ST shares), and the corresponding H shares of A+H shares listed companies that have delisted stocks or suspended their listing are not included in the Southbound Stock Connect.

4. Revise the definition of “H shares” to clarify that H shares are listed on the Stock ExchangeMain board listingStock. A+H-share listed companies refer to companies registered in China whose shares are listed on both the Main Board of the Stock Exchange and the Shanghai and Shenzhen Stock Exchanges.

　　12 Sci-tech Innovation Board stocks will be included in Shanghai-Hong Kong Stock Connect

The Shanghai Stock Exchange said that since February 1, A-share sci-tech innovation board stocks that are constituent stocks of the SSE 180, SSE 380 Index and A+H share companies have been officially included in the scope of Shanghai Stock Connect stocks.

CSI Jun noticed that it belongs to the SSE 180 IndexConstituent stocksThe sci-tech innovation board stocks haveChina Micro Company, The constituent stocks of the Shanghai Stock Exchange 380 IndexRetron Micron、Hangke Technology、Lanqi Technology、Anji Technology、Western Superconductor、Haier Bio. A+H share company’s A-share sci-tech innovation board stocks haveFudan Zhangjiang、HaohaishengkeCansino,Junshi Bio、China Pass Number。

According to the Hong Kong Stock Exchange,ShareTwelve stocks on the Sci-tech Innovation Board meet the requirements and will be included in the Shanghai Stock Connect on February 1. among them,China Micro Company、Retron Micron、Hangke Technology、Lanqi Technology、Anji TechnologyInvolved in the chip industry, Cansino,Junshi BioInvolved in the field of vaccines.

Data source: Hong Kong Stock Exchange

The Shanghai Stock Exchange has made it clear that only institutional professional investors are allowed to participate in the sci-tech innovation board stock trading through Shanghai Stock Connect. The scope of institutional professional investors shall be implemented in accordance with relevant Hong Kong rules and regulations.

A seniormarketAnalystSaid to Zhongzheng Jun that the inclusion of science and technology innovation board stocks in the scope of the Shanghai-Shenzhen-Hong Kong Stock Connect can increase the allocation needs of institutional investors on the one hand, and on the other hand, it can expandInternational InvestmentThe purchase channels of the investors, the introduction of more foreign institutional investors, which is conducive to the structure of A-share investorsimprove, Enhance the degree of internationalization.

“Of course, for the Science and Technology Innovation Board, incremental funds will also usher in, and liquidity will be more abundant.” The analyst said.

Since the Sci-tech Innovation Board has been in operation for more than a year, the shareholding and transaction scale of international investors have continued to grow, and the participation of foreign investors on the Sci-tech Innovation Board has not lost that of other A-shares. In addition, after the science and technology board stocks meet the relevant requirements to be included in the MSCI index, the science and technology board will usher in more incremental funds.

The Shanghai Stock Exchange stated that in the next step, it will continue to optimize and improve the interconnection mechanism, continue to attract foreign investment in the A-share market, and promote the high-level two-way opening of my country’s capital market.

　　ST shares and *ST shares are not included in Southbound Trading

At the same time, the scope of southbound stocks has also been adjusted. On the one hand, H-shares of A+H-share companies listed on the Science and Technology Innovation Board and H-shares of A+H-share companies listed on the Shenzhen Stock Exchange are officially included in the scope of southbound trading.

On the other hand, risk warning stocks (ST shares and *ST shares) on the Shanghai and Shenzhen Stock Exchanges, A+H shares listed companies that have delisted stocks or suspended their listings are not included in Southbound Stock Connect.

Specifically, according to the amendments, relevant stocks that have one of the following circumstances are not included in Southbound Stock Connect stocks: (1) Shanghai and Shenzhen Stock Exchange listed A shares are risk warning stocks (ST shares and *ST shares), delisting stocks, or The corresponding H shares of A+H-share listed companies whose listings are suspended;currencyStocks traded at quotation; (3) other circumstances as determined by the exchange.

Source: Shenzhen Stock Exchange

In addition, the Exchange revised the definitions of “H shares” and “A+H shares” to clarify that H shares are listed on the main board of the Stock Exchange; A+H shares listed companies are registered in China and their shares are also listed on the main board of the Stock Exchange And companies listed on the Shanghai and Shenzhen Stock Exchanges.

　　Continuous improvement of interconnection mechanisms

In November last year, the Shanghai and Shenzhen Stock Exchange announcedannouncementAccording to the report, the three Shanghai, Shenzhen and Hong Kong exchanges have reached a consensus on measures to simultaneously expand the scope of the Shanghai-Shenzhen-Hong Kong Stock Connect: one is the arrangement for the inclusion of science and technology innovation board stocks in the scope of the Shanghai-Shenzhen-Hong Kong Stock Connect; the other is the inclusion of biotechnology companies listed in Hong Kong The arrangement of the scope of the Southbound Stock Connect.

According to industry insiders, the exchange’s revision of the Shanghai-Shenzhen-Hong Kong Stock Connect business implementation measures will continue to optimize the interconnection mechanism, which will promote the two-way financing of north-south capital in the stock market and provide domestic and foreign investors with more high-quality investment targets and choices.

It is worth noting that since the beginning of 2021, the “North Water” has been surging.Data show that as of January 22, the cumulative amount of northbound funds this yearNet inflow46.694 billion yuan, of which the net inflow of Shanghai Stock Connect was 16.169 billion yuan,Shenzhen Stock ConnectThe net inflow was 30.525 billion yuan.

In terms of southbound funds, as of January 22, the cumulative net inflow of southbound funds this year was HK$231.11 billion, which is nearly five times the size of the net inflow of northbound funds.

CMB International pointed out that the recent rush of southbound funds is an important driving force for Hong Kong stocks. Southbound trading accounts for the Hong Kong stock market.DealThe ratio rose to more than 30%.But after the HSI’s recent surge, the forecast for 2021P/E ratioIncreased to 13.5 times, reaching the peak of the forecast P/E ratio in the past decade.Although the HSI incorporates moreGrowth stocks, Which helps the valuation to rise slightly, but the overall valuation of Hong Kong stocks is no longer cheap.

CMB International predicts that after a round of supplementary gains in H shares, the average premium of A shares over H shares has narrowed from nearly 50% at the end of last year to the current 33%, but it is still higher than the historical average. The scale will remain high.

(Source: China Securities Journal)

(Editor in charge: DF506)